The international law firm Milbank LLP has advised a European banking consortium on the refinancing of an existing credit facilities agreement of United Internet AG. The new syndicated loan financing comprises term loans for United Internet and revolving credit facilities for United Internet and its subsidiary 1&1 Drillisch AG. In addition, Milbank has advised the lenders on financing for 1&1 Drillisch AG. The financings consist of independent syndicated loan agreements with a volume of several billion euros. The financing banking consortia each comprise approximately eight banks.
United Internet AG, headquartered in Montabaur, Rhineland-Palatinate, is a leading European Internet specialist with established brands such as GMX and WEB.DE, around 60 million customer accounts and 9,000 employees.
1&1 Drillisch AG, listed on the stock exchange, comprises United Internet's consumer access business and offers a comprehensive portfolio of services and products in the field of mobile voice and data services as well as high-performance broadband access in the fixed network. 1&1 Drillisch is one of the largest network-independent telecommunications providers in Germany and operates, among other brands, 1&1, yourfone, smartmobil.de and simply.
A Milbank team led by partners Thomas Ingenhoven and Mathias Eisen advised the banking consortia in relation to the refinancing and financing.
Advisor to banking consortia: Milbank LLP
Thomas Ingenhoven, Mathias Eisen (lead), Nikolas Koutsós, Michael Henn (all Finance, Frankfurt).
